Bottom Line:
Auction Market price action suggests the decline from the highs is simply a pause in a larger degree uptrend than anything more significant than that. Balance/consolidation was overdue and we may not be done with that market phase for a while.
The DOW is remarkably Balanced and should break sharply, soon.
PDF: Weekend Report_2023_08_14
VIDEO
Auction Market Structure – SPX
RUT
Weekly
Daily
Upper KRAs: 1953; 2005-2030
Lower KRA: 1922-1911
NDX
Weekly
Daily
Upper KRAs: 15366; 15928
Lower KRA: 14689
SPX
Weekly
Daily
Upper KRA: 4529
Lower KRA: 4472-4440; 4405-4382
DOW
Weekly
Daily
Upper KRA: 35686
Lower KRAs: 35000; 34658-34378
Internals
Nothing particularly helpful
US 10-yr Notes
Lower lows and highs firmly intact.
US Dollar
Larger degree development is still down.
Gold
Between levels but consider giving the benefit of the doubt to the upside.
Crude
Whippy but higher..higher highs and lows.
